The recent high on the 30-year fixed mortgage was 7.52% in late April, and home sales have been falling ever since.
The average rate on the popular 30-year fixed mortgage dropped 22 basis points to 6.4% Friday, according to Mortgage News Daily.
That is the lowest rate since April 2023. The 15-year fixed rate fell to 5.89%, its lowest level since early May 2023. There are still two inflation reports and another employment report before the Fed's September meeting, Graham noted, adding, "If they don't offer strong counterpoints to recent data, the rate cut cycle has not only begun, but it will likely involve a certain sense of urgency."
The difference in just a few months is stark when it comes to affordability. In April, a buyer looking to purchase a $400,000 home with a 20% down payment and a 30-year fixed mortgage would have been facing a monthly payment of about $2,240, not including insurance and property taxes. Today, that monthly payment would be about $2,000. More buyers would also qualify for the loan at today's lower rates.
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